How much should I offer to repay my IVA?

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Post by william860 » Mon Mar 16, 2020 3:59 pm
Hi, I have an IVA of £3500, I PAY £106 every month so it finishes in around 31 months.

My mum wants to possibly settle it for me,
I would like to know how much should I offer for it to be paid in full.


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Post by Foggy » Mon Mar 16, 2020 4:24 pm
There are two methods of ending it early and successfully:

Settlement: This would be a sum to cover the full outstanding balance of the original debt, plus fees and possible statutory interest.

Full and Final Offer: This is based on the remaining agreed payments.

What do you mean by "I have an IVA of £3500" ---- was that your total debt before the IVA, or the sum of the agreed payments ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014

Lisa Thomas

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Post by Lisa Thomas » Mon Mar 16, 2020 4:36 pm
According to my calculations you have payments of c£3,300 to go (assuming no 12 month extension is required re equitable interest over £5k in your residential property) so I would think an offer of around say £3,000 would be attractive.
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